Binance, the world’s top crypto exchange, has marked its six-year anniversary. In a statement, CEO Changpeng “CZ” Zhao highlighted major milestones and struggles the company has faced, and revealed that they had invested $3 million in Terra (now Terra Luna Classic). Binance continues to show its support for the Terra Luna Classic community with monthly LUNC burns and its commitment to the revival roadmap.
In 2018, we invested $3M, and by 2021 it had grown to a peak of $1.6bn. Unfortunately, by 2022 the value had dropped to close to nothing. The LUNA (now LUNC) tokens we received remain untouched, still held in the same address from when we initially received them.
When the Terra-LUNA debacle happened in May 2022, the Binance team posed the query to CEO “CZ” about whether they should dispose of the tokens, to which he responded “no, just retain them”.
Additionally, the Community is Aiming to Double the LUNC Gas Fees and Curtail the Undelegation Period for Staking.
The response from the community to Binance still having LUNC tokens was very favorable, with them vowing to help in the revival and advancement of the Terra Luna Classic chain. This has inspired the members to get LUNC and USTC back up to $1, taking a page from the book of Binance CEO, “CZ.”
The eleventh installment of the burn mechanism from Binance saw the incineration of 2.65 billion LUNC tokens. An aggregate of 35.58 billion LUNC tokens has been consumed thus far by the crypto exchange, while the community has burned an additional 69 billion LUNC.
The L1 Task Force and the development team at Quant are collaborating with Binance and other trading platforms to re-peg USTC at a dollar value. The Quant team is having direct conversations with Binance concerning this.
The Quant Team has been busy this week, with the initial building of the tooling and some modelling done as well. We are set up nicely for Week 3! #LUNC #USTC $LUNC $USTC#DecentralisedMoney https://t.co/pFfmie5f5r Be sure to check out the Week 2 Update!
On July 15, 2023, RedlineDrifter shared their thoughts on Twitter.
In Q3, community and developer groups are especially focusing on lessening the LUNC and USTC supply that is in circulation. L1TF has shown their strategy for the third quarter of the year, and Edward Kim and Superman, both experienced developers, have come back to the network.
An Increase of the Terra Classic Community Pool Balance, Discussions of Quant-Binance USTC, and Coinbase’s Addition to the LUNC Listing have been Recently Reported.
In the last 24 hours, LUNC has seen its price drop by more than 1%. Its current trading value is $0.000086, which is lower than the earlier peak of $0.000090. Despite the decline, the community is expecting a short squeeze.
The minimum and maximum traded prices in a 24-hour period are $0.0000836 and $0.0000891 respectively, though trading volume is low, indicating a lack of involvement from traders.
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